Each year new home buyers enter the market…only to find an inadequately low level of new homes built.

Three years ago, in 2021, there were 1.7 million permits issued to build new homes. In 2021 the market absorbed 1.6 million new home builds. The 1.7 million new permits – and the 1.6 million new housing starts – each total representing annual figures which were three-hundred thousand fewer (permits) and four-hundred thousand fewer (housing starts) than the market absorbed 16 years earlier.